Higher Density Corridor Housing Program

The Higher Density Corridor Housing Program provides a funding source for public (CPED) acquisition of sites for multifamily housing development on or near community, commercial and transit corridors (as defined in The
Minneapolis Plan). Funds will be used to assemble larger sites for new mixed-income rental and ownership multifamily housing development.

Neighborhood organizations, nonprofit and for-profit developers, CPED staff and other interested parties can nominate sites for the program.

Sites that are selected will be acquired by CPED and resold to the proposed development at their fair reuse value (this is not a gap funding program). Suggestions should clearly define the need for public acquisition (i.e. key-site/voluntary acquisition opportunity, last site in assemblage, difficult/unwilling seller, etc.). Acquisition and disposition will be undertaken pursuant to CPED policies and procedures. Matching funds (i.e. Neighborhood NRP) are encouraged.

This program has an open application period – applications may be submitted at anytime.

Guidelines

Primary Objective: This program will assist in the acquisition of site(s) to be used to create multifamily housing developments on or near community, commercial and transit corridors. At least 20% of the housing units must be affordable at <50% MMI (city affordable housing policy) and at least 51% must be affordable at <80% MMI (CDBG regulations).

Process: CPED will receive suggestions for specific sites to be purchased under the HDCHP from neighborhood organizations, developers, City staff and other interested parties. (Similar to the single family acquisition program, there is no formal RFP process; nominations can be submitted at any time.) CPED acquisition and disposition will be undertaken pursuant to existing CPED policies and procedures. Proposed acquisition projects will be presented to the CPED Director and the Corridor Review Committee for approval. If approved, CPED will negotiate the purchase of the property of the site with the current owner. The site will be placed on "hold" until the proposed development project has been fully funded and the site can be purchased by the development entity for the fair market value. Construction should start within 60 – 90 days after closing on the project financing and the sale of the real estate.

Fair Reuse Value: means the estimated market value for development property based on the planned reuse of the development property.